MANILA, Philippines - Top Frontier, the controlling shareholder of diversifying San Miguel Corp., is set to list on the Philippine Stock Exchange by way of introduction.
"The board of directors of Top Frontier Investment Holdings during its meeting held this afternoon approved the filing of an application with the Exchange for the listing by way of introduction of all the common shares of Top Frontier, inclusive of the common shares of Top Frontier declared as property dividends," San Miguel told the stock exchange.
This after San Miguel declared as property dividends 240.19 million shares of Top Frontier. The conglomerate offered one common share of Top Frontier for every 10 shares of San Miguel. The ex-date is October 30, and record date is November 5. Payment date has yet to be announced.
San Miguel said the fair value of a dividend share is P178, based on the valuation report by Punongbayan and Araullo. This means the 240.19 million shares are worth P42.75 billion.
Introductory listing does not involve an initial public offering (IPO), although a company has the option to sell shares at the Philippine Stock Exchange.
source: www.abs-cbnnews.com
